Used car marketplace Spinny has secured $30 million in primary capital from investment firm WestBridge Capital, as part of an extension to its ongoing Series F funding round, according to a source familiar with the matter.
The new tranche brings the total raised in the Series F round to approximately $170 million. Earlier this year, the Gurugram-based startup had raised $131 million from marquee investors including Accel (US), Nandan Nilekani’s Fundamentum, Tiger Global, and Elevation Capital.
The funding was secured at a “flattish valuation” — reportedly between $1.5 billion and $1.7 billion — maintaining the valuation range from earlier stages of the round, as first reported by Entrackr. The latest capital infusion comprises a mix of primary investment, secondary transactions, and a modest ESOP buyback.
Strategic Growth Plans: NBFC, Media, and Marketplace Expansion
Spinny plans to deploy a portion of the newly raised capital to establish its own NBFC (Non-Banking Financial Company) — enabling it to offer financing solutions in-house and enhance the affordability experience for car buyers.
The company also aims to revamp and grow its media arm, following its March 2025 acquisition of Autocar India and related automotive titles from Haymarket SAC. The acquisition included Autocar India (magazine), Autocar Professional (B2B publication), and What Car? India (YouTube channel) — forming a comprehensive content and brand ecosystem for automotive enthusiasts and buyers.
Alongside its media expansion, Spinny is investing in strengthening both its core B2C marketplace and B2B operations, doubling down on product innovation and service integration across the customer journey.
Financial Performance and Industry Standing
Backed by cricket legend Sachin Tendulkar, Spinny reported a 14% year-on-year (YoY) revenue growth in FY24, clocking Rs 3,725 crore in total income, largely driven by product sales and bundled financial services. The company also improved its bottom line, reducing losses by 28% YoY, from Rs 819.9 crore in FY23 to Rs 590.4 crore in FY24.
Founded in 2015, Spinny has established itself as a leading full-stack used car platform in India, known for its quality certification, warranty programs, and seamless online-to-offline customer experience.
With this latest fundraise, Spinny is poised to deepen its foothold in India’s evolving automotive commerce sector — combining vehicle sales, financing, and content-driven brand engagement under one umbrella.
